A deep-dive explanation about the main categories of strategic risk (Governance, Operational, Competitive, Financial, Reputational), and the 4-step process you can use to evaluate them.
Quality is much different than quantity. It includes sensations and feelings from interviews, discussions, and narrative stories that are difficult to turn into specific numbers.
Although it takes more time to collect, qualitative data is extremely helpful because it provides a depth of understanding about very complex problems.
There are many places to look for signs that something in your company needs to be adjusted.
In this post, I’ll share 20 different places where your business can look to avoid a potential catastrophe. I also explain how to evaluate these sources for vulnerabilities, and which questions to ask.
In this episode, Grace explains the differences between 10 popular business models, the four types of organizational vulnerabilities, and which 6 principles of influence can be used (for good or for bad).
Healthcare is undergoing a big transformation… both for good and for bad.
Here are my thoughts about what the future holds, from a strategic risk point of view.
Do you hate reviewing your business financials? If so, you’re not alone.
In this article, I’ll explain:
- the difference between quantitative and qualitative data,
- where to collect the data,
- an illustration that demonstrates which questions to ask, and
- how to use it to make risk intelligent decisions.
Are you wondering how to tell the difference between data that are based on numbers (quantitative) and those based on sensations and experiences (qualitative)?
Many business owners find it difficult to make the distinction… which can lead to frustration, overwhelm… and eventually to a business that is vulnerable to threats that could cause irreparable harm.
I thought I knew everything about my company… until the day I stepped out of my management role and into those of front-level staff.
Working in new job tasks was the most eye-opening thing I ever did as a manager. The act of observing their roles first-hand made it crystal clear where the problems were originating. And… spoiler alert: 99% of problems in a company are because of poor management decisions!
I call this boots-on-the-ground observation method the “Employee for a Day experience.”
It’s terrifying, enlightening, humbling, and eye-opening.
And it works like magic.
Here are some ideas for how to implement this incredible (free!) tool for yourself.
What are you scared of?
As humans, we are biologically hard-wired to treat every perceived threat in an extreme way, with one of four reactions:
- Fight: go on the offensive, reacting aggressively to eliminate the problem
- Flight: avoid the problem by retreating to a safer position
- Freeze: shut out the problem by pretending like it’s not happening, or
- Face: confront the problem directly.
I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.
In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.